Question: hi could you please help me with this i cant find the cost of good sales Kramer Corp. reported the following sale and purchase transactions

hi could you please help me with this i cant find the cost of good sales

hi could you please help me with this i cant find thecost of good sales Kramer Corp. reported the following sale and purchasetransactions related to a specic product in January 201?: Unit Unit Sales

Kramer Corp. reported the following sale and purchase transactions related to a specic product in January 201?: Unit Unit Sales Date Transaction Quantity Cost Prioe Jan. 1 Beginning inventory 10 units $ 95 Jan. 3 Sale on account 4 units $1'r'0 Jan. 6 Purchase on account 16 units 100 Jan. 8 Sale on account 5 units we Jan. 9 Sale on account 5 units 1?0 Jan. 15 Sales retumed due to damage, $340 (two units that were sold on January 9). The units were in very poor condition and were destroyed. Kramer Corp. uses a perpetual inventory system and the FIFO inventory costing method. Required: 1. Compute net sales and gross prot for January 201?. Gross prot 2. Determine the inventory turnover ratio and the average days to sell inventory for January 201?. (Do not round your intermediate calculations. Round the "Inventory turnover ratio" to 2 decimal places and "Average days to sell inventory" to the nearest whole number.) Inventory turnover ratio Average days to sell inventory 3. Prepare the journal entries to record the purchase transaction on January 6, the sale transaction on January 8, and the sales return on January 15. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list View journal entry worksheet X No Date General Journal Debit Credit 1 Jan 06 Inventory 1,600 Trade payables 1.600 2 Jan 08 Accounts receivable 850 Sales 850 3 Jan 08 Cost of sales 1,170 Inventory 1,170 4 Jan 15 Sales returns and allowances 340 Sales 3404. Compute the cost of sales for January 2017, assuming for this part only that Kramer uses the weighted- average cost method. (Do not round intermediate calculations. Round the final answer to the nearest dollar amount.) _:|l

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